Leong Hup International Bhd
is continuing a rally that began in mid-January 2024 as buying momentum grows stronger on the technical charts. The share is aiming higher for a three-month trading high of 73.5 sen, which in crossing would open the gates for a higher price target of 80 sen.
Looking at the technical indices, the slow-stochastic is rising further in overbought territory, suggesting continued bullishness in the uptrend.The 14-day relative strength index (RSI) is also overbought at 82 points but continues to ascend while the daily moving average convergence/divergence (MACD) histogram is charting successively higher positive bars.
Support for the share is pegged to 57 sen and 51 sen.
Sam Engineering & Equipment (M) Bhd crossed above the 100-day simple moving average (SMA) yesterday as it continued its bullish recovery since bouncing off a recent low at the start of February. Based on the current momentum, the share is looking poised to approach the resistance of RM4.40. Higher resistance can be seen at RM5.
The technical indices are in buying mode, with the slow stochastic and RSI at a strong 65 points each.The MACD line continues to outpace the signal line to indicate growing bullish momentum.
Support lies near the 50-day SMA at RM3.84 while next support is found at the recent low of RM3.40.
Kobay Technology Bhd made a breach of the 50-day SMA line yesterday, which serves as a near-term bullish signal. Given the share's longer bearish trend, it faces stiff hurdles overhead although the strong technical indices would suggest some gains over the short-term.
Should the share maintain the current momentum, it could continue a short-term recovery to the RM1.75 mark.The slow-stochastic is pegged to 67 points while the RSI sits at 58 and the MACD histogram is charting higher positive bars.
Support for the share is found at RM1.02 and 78 sen.
The comments above do not represent a recommendation to buy or sell.
